Of the roughly 50 different countries or regions that we follow on a weekly basis, only one has outperformed the Standard & Poor 500’s gain of 4.64 percent over the past three months, and that is the Indus India index, with an increase of 4.95 percent over the same period. The point being that most foreign investments have generally underperformed the U.S., while acting as a drag on the returns of a more diversified portfolio over the past three to five months.

Generally speaking, foreign investments began underperforming in late June as a result of deteriorating economic reports from around the globe in addition to a strengthening U.S. dollar beginning in July of this year. For the week, India is near the top of our weekly performance list, with the Indus India index higher by 2.79 percent over the past five trading days, outperforming the S&P 500’s 2.08 percent gain over the same period

Digging into the details, on Monday, the HSBC PMI Manufacturing index rose to 51.6 in October, up from 51 in September. Readings above 50 show an expansion, so this month’s numbers indicate a slight acceleration in the manufacturing sector. Businesses in India reported receiving more orders from overseas clients, with foreign orders growing at the strongest pace in four months.

Our top-performing country for the week is Egypt, with the Market Vectors Egypt index gaining 6.32 percent over the past five trading days.

Unlike many foreign countries, Egypt has closed back above its longer-term trend line, which is generally bullish.